The centerboard on the T-37 just has enough weight to allow it to drop, so it really does not add anything to the stability. It does allow you to point a good 5-7 deg higher with less leeway, balance the helm on a reach and with it up on a run you'll see a good bump in your speed do to the reduced resistance.
But with all that said, the T-37 is a very capable boat with or without the centerboard and I would not hesitate cruising the Caribbean in one.
Is the increased leeway due to lack of centerboard significant or minimal? Is the 5-7 degrees a big issue? Would you say that the boat is more tender without the lowered centerboard?
You would not hesitate cruising in a T37 without a centerboard? Last question, if the Phrf for a T37 averages 132 what would it be approximately without a centerboard. Just trying to get an understand just home much the performance is compromised.